Venture Capital Funding Quarterly
Biotechnology • Pharmaceuticals • Medical Devices
3rd Quarter, 2008 – United States
Published by: VentureDeal
Life Science companies secured $2.15 billion in venture capital financing during the third quarter of 2008, representing a 5% decrease versus the second quarter. This continues the downward trend of funding for the three sectors of Biotechnology, Medical Devices and Pharmaceuticals. The funding was allocated between 196 companies, a 6% decrease versus the previous quarter in the aggregate.
The Medical Devices sector again received the most amount of funding by a wide margin - almost half of the total for the three sectors, raising $1.03 billion among 87 companies. The Pharma sector came in second with $567 million, representing a 19% decrease versus the previous quarter, and continuing its downward trend. Biotechnology startups received $554 million between 62 companies, an 8% decrease in amounts funded.
Biotechnology funding resumed its downward trend in both reduced funding amounts and numbers of companies funded. The largest venture financing during the quarter was Proteolix' $79 million third round. The company said it would use the proceeds to complete phase II trials for its lead product carfilzomib, for the treatment of multiple myeloma.
Other notable activity in the space included the following later stage financing events:
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